China Three Gorges (CTG) raised its stake in EDP Energias de Portugal for the first time in more than two years, from 19.03% to 20.22%.
The increase, announced in a statement to the Securities Market Commission (CMVM), was the first since the failed takeover bid that CTG launched over EDP and which fell in 2019.
Until then, the Chinese state company was raising its stake in the Portuguese energy company, where it came to hold around 28% (the majority through CTG and another portion through investment vehicle CNIC).
Afte the takeover bid failed, the company reduced its stake in EDP to 19.03%, remaining, however, as the largest shareholder of the Portuguese group.
CTGs’ stake is worth 3.5 billion euros at current market prices, well above the 2.7 billion euros paid at the end of 2011 for 21.35% of EDP, in the privatization operation carried out by the Portuguese Government.
EDP’s second largest shareholder is Blackrock, with 7.38%, followed by Spain’s Oppidum Capital (Masaveu family), with 7.2%.